Ban on check-cashing organizations could be permanent in Pico Rivera

Ban on check-cashing organizations could be permanent in Pico Rivera

PICO RIVERA – A renewal of the ban on check-cashing organizations could become permanent, officials state. The town Council issued its last continuance of a short-term ban on check-cashing organizations a week ago. But in accordance with City Manager Chuck Fuentes, the moratorium that is temporary merely another formal action toward completely limiting the firms. “We don’t want any longer among these organizations after all,” Fuentes stated.

The firms give short-term loans, become paid back by clients once they get their paychecks.

In addition they cash checks for the cost, frequently according to portion. The fee is between 10 % and 25 % associated with the amount lent. Eight associated with the loan that is payday occur into the town, while you will find just six conventional bank branches. The latest period of this ban may be the final the town can enact before you take permanent action. Up to now, the moratorium has been around destination for and the extension will last one more year. a long-lasting freeze on check-cashing organizations wouldn’t be the initial such moratorium for the town. About couple of years ago, Pico Rivera stopped accepting self-storage facilities. Fuentes said they took criticism that is little your choice, to some extent because there had been few places to get more storage space organizations. Nonetheless, check-cashing companies have successfully overturned limitations in other urban centers. Some look at ban as discrimination. Attorney Roger Jon Diamond said he represented a comparable company in Pomona almost about ten years ago. He fought (and won) the best when it comes to company become established in he city.

“There’s absolutely nothing incorrect with check cashing except that, as being a practical matter, lower-income individuals have a tendency to make use of it,” Diamond stated early in the day this season. “It’s clear they’re targeting poor individuals.” Relating to Mayor Gracie Gallegos, the extensive ban is just a step that is positive. She stated which makes it permanent would reduce criminal activity, and believes a permanent ban would be appropriate “Our lawyer is wanting involved with it to make certain that we’re perhaps not stepping regarding the legal rights of every company,” Gallegos stated. “If there clearly was an appropriate means it, then definitely we’re going to get it done. we may do” Gallegos said the town would think about a far more policy that is open for which a specific amount of the firms could be permitted. If a portion of those closed, applications for the brand new cash advance shop could be accepted.

“It’s simply establishing boundaries,” Gallegos stated.

Nazih Aburashaid has owned and operated money Plus on Whittier Boulevard for 36 months. He stated he thinks their business executes an ongoing service for folks in need of assistance. But, he said, he does not mind the ban, which eliminates the likelihood of more competition. Current companies are grandfathered in and permitted to keep working. “Now, you will find way too many of them,” Aburashaid said. “I think the people they will have now are sufficient.”


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